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Judge OKs $40M Bid For Ambassadors International

Law360 (April 20, 2011, 9:07 PM EDT) -- A Delaware bankruptcy judge on Tuesday approved asset management firm Whippoorwill Associates Inc.'s $40 million stalking horse bid to take control of assets owned by luxury cruise ship operator Ambassadors International Inc., in spite of unsecured creditors’ objections.

Bankruptcy Judge Kevin Gross set a May 13 deadline for competing bids, which must be accompanied by a $1 million escrow payment to demonstrate an ability to make good, ahead of an auction set for May 16. At the auction, qualified bidders may increase their offers in increments...
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